UTB were approached through a long term introducer to fund the purchase and development of a project in London to provide four contemporary mews houses and an office unit. The experienced developer had been let down by his usual funding source.
The purchase date was fast approaching so a meeting and site visit was quickly organised. Credit committee approval was obtained within two days and the formal offer was accepted immediately. The Bank’s professional team worked together with the client’s advisors to complete the due diligence process within three weeks so the site purchase took place ahead of the contractual completion date.
The facility totals £1.2m being 50% of the purchase price, 100% of build costs and interest roll up, equating to a total of 55% of GDV. The client is now on site and moving the project forward swiftly.